India’s GDP Crashes to Near 7-Year Low of 5% in April-June Quarter
The previous low was recorded at 4.9 per cent in April-June 2012-13.
India's economic growth dropped to a six-and-a-half year low of 5 percent in the April-June quarter of 2019-20 due to a sharp deceleration in the manufacturing sector and sluggish agriculture output, according to official data released on Friday, 30 August.
The Reserve Bank had marginally lowered the GDP growth projection for 2019-20 to 6.9 percent from 7 percent projected earlier in the June policy, and underlined the need for addressing growth concerns by boosting aggregate demand.
"Real GDP growth for 2019-20 is revised downwards from 7 percent in the June policy to 6.9 percent – in the range of 5.8-6.6 percent for first half of 2019-20 and 7.3-7.5 percent for the second half – with risks somewhat tilted to the downside," RBI had said in the monetary policy statement.
Meanwhile, China's economic growth was 6.2 percent in April-June quarter of 2019, which was the weakest expansion in 27 years.
(With inputs from PTI)
(This is a developing story and will be updated with more details)
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